ApeCoin Surges Despite NFT Hack Threats! But How Long Will It Last?

APEs are ready to fight back against NFT hack threats through strategies of ApeCoin in the future

Recently, there has been a trend of cyberattacks or NFT hack threats from the dark web that are targeting NFT holders in the global marketplace. Yuga Labs has warned the entire NFT marketplace to beware of the persistent cyberattacks group that has started coordinating NFT hack threats through social media accounts and instigating NFT holders. Meanwhile, ApeCoin has been experiencing an increase in its price despite the multiple NFT hack threats. The APE token is stealing the thunder in the marketplace with an increase of around 36% over the last week. 

ApeCoin showing who's the boss

ApeCoin is known as the decentralized ecosystem as a part of the BAYC (Bored Ape Yacht Club) project. APE was launched to maintain an ecosystem inclusively for providing NFT holders to collaborate with permissionless governance processes. The NFT also helps to vote on ApeCoin DAO governance proposals. ApeCoin is an ERC-20 governance and utility token to empower the decentralized community at the forefront of Web 3.0. APE serves multiple purposes as the open-source protocol layer such as governance, unification of spend, access, incentivization, and many more. The total supply of ApeCoin in the NFT marketplace is fixed at one billion tokens without any minting capability.

The life of Ape amidst NFT hack threats

Though there has been a lack of interest as well as suffering a 7% correction, ApeCoin is trying its best to live life in the NFT marketplace despite facing warnings of NFT hack threats. This warning of NFT hack threats was announced after two official Discord groups, that are linked to BAYC and OtherSide NFTs, were compromised. It enables the group of cyberattackers to share multiple phishing links for successful cyberattacks.

There is another case— Premint Ecosystem has lost around US$375k from 314 NFT wallets after the cyberattacks. The NFT hack threats have increased substantially over the last few months through lucrative fake offers as well as malicious links. Coordinated NFT hack threats are creating panic in the marketplace. Firms have started strengthening their security systems with an up-gradation security firewall.

Despite the pressure of cyberattacks, ApeCoin has continued to show its performance as a popular NFT. At the time of writing, the current price of APE is US$6.40 with a global market rank of 32, a market cap of US$1,957,561,612.64, and a volume of US$712,016,181. The APE token has increased up to 8.23% in the last 24 hours with the max supply of one billion. It is already known as one of the biggest Metaverse NFT tokens by market capitalization over one month of its launch in the NFT marketplace. It was speculated that it will implement the staking mechanism in May 2022. It gained popularity for its APE price increasing 126.8% on the first day of its launch hitting US$16.47.

In April, ApeCoin surprised the NFT holders by reaching its all-time high of US$26.19 in April 2022 for the three new proposals for the members. Thus, it has its record and reputation in the marketplace to surge its price amidst any situation in the market for a long period. It also includes the potential NFT hack threats with sources of cyberattacks. We have to patiently wait and hope for the best for APE coins!